At a time when business entities across the world were gasping for breath amidst the COVID-19 pandemic, Ras Al Khaimah Economic Zone (RAKEZ) reported solid growth in 2020. The free zone reported 15 to 20% growth in new business leads, which is a positive indication that RAKEZ is on foreign investors’ radar. The progress card of RAKEZ indicates that the incentives and stimulus measures rolled out by the government has further boosted the viability of business setup in the UAE.
Strategic location, modern facilities and special SME packages are some of the reasons why foreign investors prefer to initiate business setup in RAKEZ. The free zone promises to deliver even better in 2021 on the background of supporting factors such as EXPO 2020, Citizenship for foreigners, and peace accord with Israel. For quick company incorporation, foreign investors can consult with the best business setup consultants in the UAE. Now, let’s analyse the top five factors that make Business setup in RAKEZ a top priority for foreign investors.
Also read: Business Setup in RAKEZ Media Zone
1. Best SME Free Zone in the Middle East
Along with posting commendable growth in 2020, RAKEZ gained global recognition by winning big in the ‘fDI Free Zones of the Year’ award. RAKEZ was recognised as the ‘SME Free Zone of the year’ in the Middle East Category. The free zone ranked top in the SME category on the back of a number of packages being provided to small businesses. A dedicated Office Spring Package is designed for SMEs and entrepreneurs planning to run their business from a private office space or Flexi desks. The package is available at cheaper rates for small businesses.
2. Unique Location Benefits
A strategic location is key for the growth of companies operating in the UAE free zones. RAKEZ is just four hours’ flight time to 31% of the world’s population and is located at the crossroads of fast-growing markets. The companies operating under RAKEZ have access to five seaports, including Ras Al Khaimah’s Saqr Port, which is the largest bulk commodity port in the Middle East. Furthermore, the free zones supported by proximity to international airports and multi-lane superhighways connecting to neighbouring emirates and countries.
3. Diversity in Business Activities
A large number of foreign investors are initiating company formation in RAKEZ as the free zone offers a wide range of activities to choose from. RAKEZ is a general-purpose free zone providing a license for activities including,
- General Trading
- Industrial Activities
- Service Activities
The diversity in the activities is a prime reason why more than 14,500 companies from 100 countries chose RAKEZ as their preferred destination for business setup in the UAE. RAKEZ is also an industrial powerhouse serving industries such as food, packaging, automotive and parts, industrial machinery, plastics and rubber, paper, chemical products, robotics and pharmaceutical sectors.
4. Cost-effective Business Packages
Foreign investors can obtain unique trade licenses at discounted packages in RAKEZ. Entrepreneurs are offered e-commerce licenses at 50% discounts. Investors can obtain a Virtual Education License from RAKEZ as low as AED 10,500. In addition to all such packages, RAKEZ is the first and only free zone in the UAE, offering a special package for women entrepreneurs. RAKEZ women package is available from as low as AED 6,500. Seek the advice of business setup consultants in the UAE to choose the right business setup package that fits your activity and budget.
5. Holding Company Set-up to Diversify Investments
A holding company setup is the latest offer from RAKEZ, which makes its product portfolio more attractive to investors. Using a holding company set up, investors can hold shares in different ventures and own assets as a corporate entity and manage business risks. RAKEZ holding company formation starts from AED 10,535. Investors can opt to register under RAKEZ with benefits including access to a selection of facilities and the eligibility to apply for a UAE Residence Visa and a corporate bank account.
6. Sophisticated Facilities
The facilities required by each investor differ starkly from each other depending on the activity, size and industry of the company. For instance, a consultancy firm would require a modern office space to receive clients, but a manufacturing company would be requiring large tracts of land and warehouses. RAKEZ provides the following facilities for entrepreneurs for business setup in the UAE,
- Co-working spaces for startups & freelancers
- Warehouses for industrial activities
- Customisable Office spaces
- Plots of land for development
Choosing the wrong facilities may have a lasting impact on the business. It is always better to proceed with business setup in the UAE free zones only after meticulously evaluating the specifications of each facility. Foreign investors can consult with business setup consultants in the UAE to determine what type of facilities they must opt for.
Best Business Setup Consultants in Dubai for Your Assistance
Company formation in RAKEZ makes business sense in terms of strategic location, modern facilities, and affordable business setup packages. The free zone’s investor-friendly approach helped it to post substantial growth in 2020 amidst pandemic uncertainties. This means it’s the right time for foreign investors to tap into the opportunity to initiate a business setup in RAKEZ.
The investors may face some obstacles while opening a company, but seeking the help of the best business consultants in the UAE such as Jitendra Business Consultants (JBC) would save them from unnecessary delays and the trouble of documentation. JBC advises the investors in obtaining licenses, visas, and drafting documents such as MoA. With JBC’s bespoke assistance, the investors can achieve their business goals without undergoing much hassle.